Expedia's CEO, who replaced Dara Khosrowshahi, is resigning along with the company's CFO as part of a leadership shakeup

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Mark Okerstrom, who just stepped down as Expedia's CEO.

• Expedia CEO Mark Okerstrom and CFO Alan Pickerill resigned from the company as part of a leadership shakeup, Expedia announced Wednesday.
• Okerstrom had replaced Dara Khosrowshahi, who now serves as CEO of Uber.
• Expedia shares climbed more than 4% in the wake of the announcement.
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Expedia CEO Mark Okerstrom and CFO Alan Pickerill have resigned, the company announced Wednesday.

As the company seeks a replacement, board chairman Barry Diller and vice chairman Peter Kern will oversee the company.

Expedia shares climbed more than 4% in the wake of Wednesday's announcement.

In a statement, Diller said the departures are the result of disagreements between the board and upper management over the company's strategy as it attempted to reorganize its brands in the past year.

"This reorganization, while sound in concept, resulted in a material loss of focus on our current operations, leading to disappointing third quarter results and a lackluster near-term outlook. The Board disagreed with that outlook, as well as the departing leadership's vision for growth, strongly believing the Company can accelerate growth in 2020. That divergence necessitated a change in management," Diller wrote.

This is a developing story. Check back for updates.

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